Archive for the ‘TDS’ category

TDS, ADVANCE TAX & SA CHALLAN STATUS ON MOBILE

April 6th, 2012

SMS BASED SERVICE FOR CHALLAN STATUS

National Securities Depository Limited (NSDL) provides CIN (Challan Identification Number) based view of direct tax challans to taxpayers to know the status of challan on its web-site. In addition to the above facility, NSDL has launched a Short Message Service (SMS) based facility to know the status of its challans. The procedure for availing this facility is as under:

  1. The tax payer can send an SMS to 575758 with a message containing the word CSI followed by a space and CIN provided by the respective Bank at the time of making the Direct tax payment.
  2. The CIN should be separated by comma (,).
  3. Challan Identification Number (CIN) consists of details such as BSR Code of Collecting Branch (seven digit) ,Challan Tender Date (DDMMYYYY) and Challan Serial No (length less than or equal to 5 digit) and Amount.
  4. The amount is an optional field. If the amount is entered by the tax payer he would get the confirmationwhether amount entered is matched or otherwise as per NSDL database.

For e.g., if the tax payer input “CSI 0510001,11032009,5,5000″ where in “0510001″ is the BSR code of the collecting branch,

“11032009″ is the Challan tender date, “5″ is the Challan serial number and “5000 is the amount paid by the taxpayer.

The tax payer will get the information against which TAN/PAN the payment has been accounted with theconfirmation whether amount entered is matched or not. (This is an illustrative challan identification number, actual CIN should be provided in the SMS).

There will be special charges for these SMS. These charges may vary from one mobile service-provider to another. The charge structure can be obtained from the concerned service-provider. The status of the CIN based view will continue to be available from NSDL-TIN web-site www.tin-nsdl.com or NSDL Call Centre at 020-27218080 or Aykar Sampark Kendra at 0124- 2438000.

26AS Statement : How to Get Tax Credit for Non Reflected Amounts

April 1st, 2012

Non reflection of TDS on bank FD or term deposit in 26AS statement is very common problem these days. The reason for this problem is very simple –the bank is deducting tax and even depositing the said tax, but the TDS statement filed by them either does not reflect your name and PAN or wrong PAN is given. Therefore, the 26AS statement which is tax statement -does not reflect the amount as the said TDS amount was never reported by the bank.

26AS statement sacrosanct for TDS credit

The department is publicizing that the persons filing the return of income should check your tax credits in 26AS statement before filing IT return for faster processing and quick refunds. Following advisory is on the income tax department’s efiling site.

Taxpayers are advised to verify the tax credits available in 26AS statement before filing the Income Tax Return. It will facilitate faster processing and quick refunds. In order to avoid the TDS mismatch i.e if your claim of TDS is higher than the tax credits available in 26AS statement, please contact the Deductor for filing of the correction TDS statement.

Thus, when the CPC or A.O processes your return finds that the TDS as per your claim is not reflected in the departmental processing software, they do not allow the TDS credit. Consequentially, either your refund claim is reduced or a demand is generated. This is for no fault of your ! 

Ways to Get TDS reflected in 26AS statement

As for the assessment year 2011-12, CBDT has already relaxed the condition by issue of CBDT instruction no 2/2012 for allowing TDS credit while processing the income tax return for assessment year 2011-12 which are not reflected in 26AS statement under certain conditions. However, in most of the case, this instruction will not suffice.

Since the origin of problem is directly linked with the callousness of the bank official (read managers), unless they are compelled to take corrective steps, the problem of TDS credit cannot be solved. So here are the steps to be taken for getting the bank manager to submit a revised TDS statement showing your TDS. If he submit revised TDS statement, the 26AS of your will show the amount of TDS automatically.

Step 1: Write to Bank Manager: 

Write a letter to bank manager, informing him that 26AS is not reflecting the TDS amount from which TDS certificate is issued by him. Therefore, the bank manager should be requested to upload the TDS statement with the Name, PAN and TDS amount as per TDS certificate. Give a copy to the boss of the Bank Manager.

Step 2: Write to Bank Ombudsman & CIT (TDS) 

After one month, if nothing happens, file an application with Banking Ombudsman with your grievance about non reflection of TDs in 26AS and consequential non allowance of td credit by assessing officer. You can get the address of the banking Ombudsman from here.

Additionally, you should write a letter to CIT (TDS) of your city. To know the address of CIT (TDS) either approach the main income tax office or ask any CA or tax practitioner. A sample letter to CIT (TDS) regarding your problem is given below:

To

The CIT (TDS)

……………

Sir,

Sub: Non credit of TDS on account of non filing of TDS statement

Ref” Asst Year……………….

I have filed / to file return of income for aforesaid assessment year. I have claimed TDS credit for Rs …………out of which TDS of Rs…………………was deducted by the Bank manger of XYZ……….Bank having address ………………. The bank manager has issued tax deduction certificate for Rs …………….

However, when I checked for 26AS statement , the said amount of TDS claimed to be deducted by the Bank Manager , is not reflecting in 26AS. I have already requested the Bank vide my letter for filing revised TDS statement vide my letter dt ……….(copy enclosed) . Nothing has been done as I have checked the 26AS statement few days ago and it is still not reflected therein. 

Since, the TDS statement is a requirement under section 20o of the Income Tax Act and the procedure for filing such statement is given in Rule 31A of the Income Tax . Your kind attention is drawn to Clause 4 of the Rule 31A , which is clear about the duty of deductor to provide PAN , Name and amount of TDS related to deductee .The said sub clause is as under: 

(4) The deductor at the time of preparing statements of tax deducted shall,—

(i) quote his tax deduction and collection account number (TAN) in the statement;

(ii) quote his permanent account number (PAN) in the statement except in the case where the deductor is an office of the Government;

(iii) quote the permanent account number of all deductees;

(iv) furnish particulars of the tax paid to the Central Government including book identification number or challan identification number, as the case may be;

(v) furnish particulars of amount paid or credited on which tax was not deducted in view of the issue of certificate of no deduction of tax under section 197 by the Assessing Officer of the payee;

(vi) furnish particulars of amount paid or credited on which tax was not deducted in view of the compliance of provisions of sub-section (6) of section 194C by the payee;

(vii) furnish particulars of amount paid or credited on which tax was not deducted in view of the furnishing of declaration under sub-section (1) or sub-section (1A) or sub-section (IC) of section 197A by the payee. 

Thus, the bank has not followed the Rule 31 of the Income Tax Rule and because of that the problem of tax credit is being faced. Since, the CIT (TDS) is an authority and custodian of income tax law , I request you to help this tax payer by taking appropriate steps and direct the bank manager to do the needful so that I can get Tax Credit. 

Enclosure : as above

Yours faithfully,
XXXXXXX 

Copy: The Bank Manager : For his kind information

Post Union Budget 2012-13 TDS Rates for financial year (FY) 2012-13 and assessment year (AY) 2013-14

March 21st, 2012

The Rate Chart for the Financial Year 2012-13 i.e. Assessment Year 2013-14 is tabulated below:

TDS Rates Chart Financial Year 2012-13 (Assessment Year 13-14)

Sl. No. Section Of Act Nature of Payment in brief

Cut Off Amount

Rate %

01.04.2012 01.07.2012 HUF/IND Others
1 192 Salaries Salary income must be more then exemption limit after deductions. Average Rate
2 193 Interest on debentures 2500 5000 10 10
3 194 Deemed dividend - - 10 10
4 194A Interest other than Int. on securities (by Bank) 10000 10000 10 10
4A 194A Interest other than Int. on securities (By others) 5000 5000 10 10
5 194B Lottery / Cross Word Puzzle 10000 10000 30 30
6 194BB Winnings from Horse Race 5000 5000 30 30
7 194C(1) Contracts 30000 30000 1 2
8 194C(2) Sub-contracts/ Advertisements 30000 30000 1 2
9 194D Insurance Commission 20000 20000 10 10
10 194EE Payments out of deposits under NSS 2500 2500 20 -
11 194F Repurchase of units by MF/UTI 1000 1000 20 20
12 194G Commission on sale of lottery tickets 1000 1000 10 10
13 194H Commission or Brokerage 5000 5000 10 10
14 194I Rent (Land & building) 180000 180000 10 10
Rent (P & M , Equipment, furniture & fittings) 180000 180000 2 2
15 194J Professional/Technical charges/Royalty & Non-compete fees 30000 30000 10 10
16 194J(1)(ba)  Any remuneration or commission paid to director of the company(Effective from 1 July 2012) NA NIL 10 10
17 194LA Compensation on acquisition of immovable property 100000 200000 10 10
18 194LLA Payment on transfer of certain immovable property other than agricultural land(applicable only if amount exceeds : (a) INR 50 lakhs in case such property is situated in a specified urban agglomeration; or(b) INR 20 lakhs in case such property is situated in any other area) (Effective from 1 October 2012) NA  (a) INR 50 lakhs in case such property is situated in a specified urban agglomeration; or(b) INR 20 lakhs in case such property is situated in any other area) (Effective from 1 October 2012) 1 1

TCS Rates for the FY 2012-13

TCS Rates for the Financial Year 2012-13 is tabulated below:

Sl.No. Nature of Goods Rates in %
01.04.2012 01.07.2012
1. Alcoholic liquor for human Consumption 1 1
2. Tendu leaves 5 5
3. Timber obtained under forest lease 2.5 2.5
4. Timber obtained by any mode other than a forest lease 2.5 2.5
5. Any other forest produce not being timber or tendu leaves 2.5 2.5
6. Scrap 1 1
7. Parking lot 2 2
8. Toll plaza 2 2
9. Mining & Quarrying 2 2
10 Minerals, being coal or lignite or iron ore  NA  1
11 Bullion or jewellery (if the sale consideration is paid in cash exceeding INR 2 lakhs)  NA  1

No Education Cess on payment made to resident – Education Cess is not deductible/collectible at source in case of resident Individual/HUF /Firm/ AOP/ BOI/ Domestic Company in respect of payment of income other than salary. Education Cess @ 2% plus secondary & Higher Education Cess @ 1% is deductible at source in case of non-residents and foreign company.

Surcharge on Income-tax - Surcharge on Income-tax is not deductible/collectible at source in case of individual/ HUF /Firm/ AOP / BOI/Domestic Company in respect of payment of income other than salary.

Due date for furnishing TDS return for the last quarter of the financial year has been modified to 15th May (from earlier 15th June). The revised due dates for furnishing TDS return are:

Sl. No. Date of ending of the quarter of the financial year Due date
1. 30th June 15th July of the financial year
2. 30th September 15th October of the financial year
3. 31st December 15th January of the financial year
4. 31st March 15th May of the financial year immediately following the financial year in which deduction is made

Due date for furnishing TDS certificate to the employee or deductee or payee is revised as under:

Sl. No. Category Periodicity of furnishing TDS certificate Due date
1. Salary       (Form No.16) Annual By 31st day of May of the financial yearimmediately following the financial year in which the income was paid and tax deducted
2. Non-Salary(Form No.16A) Quarterly Within fifteen days from the due date for furnishing the ‘statement of TDS’

Due Date for Payment of March 2012 – The time limit for deposit of TDS for the entire month of March is rationalized to 30 April instead of two separate time limits viz. 7 April for TDS up to 30 March and 31 May for TDS as of 31 March.

New File Validation Utilities – FVU 3.4 & 2.132

March 20th, 2012

New File Validation Utilities - FVU 3.4 & 2.132 has  been released pertaining to validation of eTDS & eTCS returns.

FVU 3.4 will be applicable for quarterly TDS / TCS statements pertaining to FY 2010-11 onwards & FVU 2.132 will be applicable for quarterly TDS / TCS statements pertaining up to FY 2009-10.

Key features of File Validation Utility (FVU) version 3.4

  • FVU 3.4 will be applicable for quarterly TDS / TCS statements pertaining to FY 2010-11 onwards.
  • Deductor can now quote the Date of deduction beyond the quarter.
  • FVU version 3.4 will be applicable with immediate effect.

Key features of File Validation Utility (FVU) version 2.132

  • FVU 2.132 will be applicable for quarterly TDS / TCS statements (regular and correction) up to FY 2009-10.
  • Deductor can now quote the Date of deduction beyond the quarter.
  • FVU 2.132 will be applicable with immediate effect.

New File Validation Utilities released – Effective from February 01, 2012

January 5th, 2012

NSDL has released two new File Validation Utilities – FVU 3.3 & FVU 2.131 pertaining to the validation of TDS & TCS returns.

FVU 3.3 will be applicable for quarterly TDS / TCS statements pertaining to F.Y. 2010-11 onwards and FVU 2.131 will be applicable for quarterly TDS / TCS statements pertaining up to F.Y. 2009-10. Both the new File Validation Utilities will be mandatory with effect from February 01, 2012.

Please Note: Up to January 31, 2012 the FVU files generated from both the old utilities i.e. FVU 3.2 & FVU 2.130 and the new utilities i.e. FVU 3.3 & FVU 2.131 will be accepted.

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